5,705,266 research outputs found
Persistence and the Role of Exchange Rate and Interest Rate Inertia in Monetary Policy
In a general equilibrium model, this paper investigates the importance of the exchange rate and the interpretation of the observed inertia in the policy interest rate. We derive an optimizing macroeconomic model that features habit formation in the consumer's utility function and uses a hybrid New Keynesian Phillips curve with inflation inertia. As a consequence, aggregate demand and supply shocks will have a persistent effect on output and inflation. In this framework, we assess the performance of simple, and perhaps non-optimal, interest rate rules under different degrees of habit formation and inflation persistence. We conclude that a policy rule that responds to expected inflation, as well as to output and the exchange rate, is able to reduce output and inflation volatility in the face of aggregate demand and foreign inflation shocks. This result must be interpreted with caution, because, as is found in other studies, i) the reduction in volatility is marginal and ii) the Taylor-type policy rule assessed here may be a restrictive one and, as mentioned before, non-optimal. On the other hand, the gains from adopting an inertial interest rate rule are directly related to the degree of inflation persistence in the model. In particular, when the degree of inflation persistence is high, an inertial policy rule attenuates the impacts that supply shocks have on inflation and the interest rate.
Crossing the race divide : interracial sex in antebellum Savannah
This article explores the social significance of inter-racial sexual contact in an antebellum Southern city. How did inter-racial sex challenge the established social hierarchy in Savannah? Was it a controversial issue, viewed as a threat to the social order, or was it accepted as an inevitable evil resulting from a mixed population residing in close proximity
Intermolecular interactions in the chiral and racemic forms of 3-hydroxy-2-(1-oxoisoindolin-2-yl)butanoic acid derived from threonine
The title compounds, C₁₂H₁₃NO₄, are derived from L-threonine and DL-threonine, respectively. Hydrogen bonding in the chiral derivative, (2S/3R)-3-hydroxy-2-(1-oxoisoindolin-2-yl)butanoic acid, consists of O-Hacid...Oalkyl-H...O=Cindole chains [O...O 2.659 (3) and 2.718 (3) Å], Csp³-H...O and three C-H...πarene interactions. In the (2R,3S/2S,3R) racemate, conventional carboxylic acid hydrogen bonding as cyclical (O-H...O=C)₂ [graph set R₂²(8)] is present, with Oalkyl-H...O=Cindole, Csp³-H...O and C-H...πarene interactions. The COOH group geometry differs between the two forms, with C-O, C=O, C-C-O and C-C=O bond lengths and angles of 1.322 (3) and 1.193 (3) Å, and 109.7 (2) and 125.4 (3)°, respectively, in the chiral structure, and 1.2961 (17) and 1.2210 (18) Å, and 113.29 (12) and 122.63 (13)°, respectively, in the racemate structure. The O-C=O angles of 124.9 (3) and 124.05 (14)° are similar. The differences arise from the contrasting COOH hydrogen-bonding environments in the two structures
Worsening of cerebral hyperemia by the administration of terlipressin in acute liver failure with severe hepatic encephalopathy
There is increasing evidence that terlipressin is useful in patients with cirrhosis and
hepatorenal syndrome, but there are no data of its use in patients with acute liver
failure (ALF) in whom hepatorenal syndrome is common. Although terlipressin
produces systemic vasoconstriction, it produces cerebral vasodilatation and may
increase cerebral blood flow (CBF). Increased CBF contributes to intracranial
hypertension in patients with ALF. The aim of this study was to evaluate the safety of
terlipressin in patients with ALF with respect to cerebral haemodynamics. Six
successive patients with ALF were electively ventilated for grade IV hepatic
encephalopathy. Patients were monitored invasively and CBF was measured (Kety-
Schmidt technique). Measurements were made before, at 1, 3 hour and 5 hours after
intravenous (single bolus) administration of terlipressin (0.005 mg/kg) )intravenously
(single bolus), median 0.25mg (range 0.2-0.3). There was no significant change in
heart rate, mean arterial pressure or cardiac output. CBF and jugular venous oxygen
saturation both increased significantly at 1 hour (p<0.0=0.016) respectively.
Intracranial pressure increased significantly at 21 hours (p<0=.0.031), returning back
to baseline values at 42 hours. This study shows that administration of terlipressin, at
a dose that did not alter systemic haemodynamicshemodynamics, resulted in
worsening of cerebral hyperemia and intracranial hypertension in patients with ALF
and severe hepatic encephalopathy. These data suggest the need to exercise extreme
caution in the use of terlipressin in these patients in view of its potentially deleterious
consequences on cerebral haemodynamics
Optical annular resonators based on radial Bragg and photonic crystal reflectors
A ring resonator based on Bragg reflection is studied in detail. Closed form expressions for the field and dispersion curves for radial Bragg gratings and photonic crystals based resonators are derived and compared to FDTD simulations. For strong confinement, the required gratings exhibit a chirped period and a varying index profile. Small bending radii and low radiation losses are shown to be possible due to the Bragg confinement. The sensitivity of the resonator characteristics to fabrication errors is analyzed quantitatively. A mixed confinement configuration utilizing both Bragg reflection and total internal reflection is also suggested and analyzed
Building distributed heterogeneous smart phone Java applications an evaluation from a development perspective
The advances in mobile phone technology have enabled such
devices to be programmed to run general-purpose applications
using a special edition of the Java programming language. Java is designed to be a heterogeneous programming language targeting different platforms. Such ability when coupled with the provision of high-speed mobile Internet access would open the door for a new breed of distributed mobile applications. This paper explores the capabilities and limitations of this technology and addresses the considerations that must be taken when designing and developing such distributed applications. Our findings are
verified by building a test client-server system where the clients in this system are mobile phones behaving as active processing elements not just mere service requesters
The existence and asymptotic properties of a backfitting projection algorithm under weak conditions.
We derive the asymptotic distribution of a new backfitting procedure for estimating the closest additive approximation to a nonparametric regression function. The procedure employs a recent projection interpretation of popular kernel estimators provided by Mammen, Marron, Turlach and Wand and the asymptotic theory of our estimators is derived using the theory of additive projections reviewed in Bickel, Klaassen, Ritov and Wellner. Our procedure achieves the same bias and variance as the oracle estimator based on knowing the other components, and in this sense improves on the method analyzed in Opsomer and Ruppert. We provide ‘‘high level’’ conditions independent of the sampling scheme. We then verify that these conditions are satisfied in a regression and a time series autoregression under weak conditions.
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Electricity Diffusion and Trend Acceleration in Inter-War Manufacturing Productivity
This paper evaluates the link between the diffusion of electricity and the increase in labour productivity growth in the manufacturing sector during the inter-war period. A comparative analysis of the USA, Britain, Germany, and Japan shows that the trend acceleration in labour productivity is common to all these countries except Germany and is correlated with electricity diffusion. Germanyà  à  à  à  à  à  à  à  à  à  à  à  à  à  à  à ¯à  à  à  à  à  à  à  à  à  à  à  à  à  à  à  à ¿à  à  à  à  à  à  à  à  à  à  à  à  à  à  à  à ½s labour productivity growth was nevertheless sustained in 1925 - 1938. The USA saw an earlier acceleration because the diffusion of electricity-based general-purpose technologies in production was much faster than in the other countries examined
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